Shares of Shanda Games Ltd (NASDAQ: GAME) are volatile in Tuesday's post-market session following first-quarter results from the company. The stock initially spiked to a low at $6.69, then popped to around $6.79, where the stock last traded.

The company posted first-quarter GAAP net income fell 16 percent from a year earlier to $49.7 million, or $0.18 per ADR. Adjusted net income fell 8.8 percent in the recent period to $54.3 million, or $0.20 per ADR.

The Hong Kong-based online game developer's revenue declined 9.6 percent to $161.3 million. Revenue from China accounted for 91 percent of the total.

Analysts on Wall Street were expecting Shanda to report sales of around $188 million.

The company said it hadn't set a timetable for deciding on a "going private" offer it received in January. The going private offer first announced in January from a consortium of China-based investors valued the company at $1.9 billion, or $6.90 per ADR.

"We are currently hard at work preparing for the launch of a number of new mobile games. Chief Executive Xiangdong Zhang said in a statement. "We will continue to focus on leveraging our years of operational experience and competitive advantage to seek out new opportunities."